The RSISX index ended the week at IQD876 (+10.8%) / $912 (+11.0%) (weekly change) (+8.0% and +9.1% YTD change, respectively). The number of week traded shares was 5.8bn and the weekly trading volume was IQD4.6bn ($3.7mn).

ISX Company Announcements

In accordance with the duties of the Central Bank of Iraq provided in its law, and in order to ensure the stability of the banking sector and increase confidence in it, “the contract of establishment of the bank deposit guarantee company was signed with the founding body”, which included government and private banks, (6 government banks, 22 commercial banks and 16 foreign banks, 44 banks in total). It is expected that this company will play a major role in protecting the banking sector, especially the deposits of the public (individuals and companies), which will enhance confidence in the banking sector inside Iraq and in the correspondents of banks outside Iraq, which will contribute to attracting more deposits and reuse them in credit and investment to serve the Iraq economy. The capital of the company is IQD100 bn, of which 30% is owned by the private banks, 25% is owned by the government and remaining 45% will be offered for public subscription. (CBI)

The Director of the Information Office of the Central Bank of Iraq (CBI), Acer Jabbar said that the CBI is keen to diversify its foreign reserves and diversify the basket of currencies in the investment portfolios as well as the geographical distribution of investments of the bank. According to that, the CBI signed an agreement with People’s Bank China which will contribute to the development of banking relations with global economies, especially with the Chinese economy. (CBI)

According to the CBI letter (dated back on Jan. 24, 2018) sent to all licensed banks and money transfer companies regarding letters of guarantee (LG), CBI BoD decided that the money transfer companies will decide on one of the following options for providing LG to the CBI without violating their license: 1) Providing the CBI an LG of 50% of their capital issued by one of CBI’s licensed banks. 2) Depositing IQD100 mn in the margin accounts of the CBI by depositing it in one of CBI’s licensed banks instead of providing an LG as mentioned in the first article. (CBI)

North Bank (BNOR) will resume trading on Feb. 4, 2018 after fulfilling ISC disclosure requirement and publishing 2016 annual financial results. The opening price will be IQD0.20 with +/-50% change for the first trading session.